You have dreamed of owning your own home, building your first new home, or finally building that vacation home on the lake for years, and you have finally decided to set forth. But, the big question is, “How do I pay for this”. Most people will need a bank to help with part or most of the purchase. Our suggestion would be to call a local bank and ask to speak with their home loan department. These people will be able to ask you a few questions and then direct you towards a loan product that makes sense for your type of project, size of home, and size of down payment. Keep in mind that, just like a new site built home, a new modular home is a permanent improvement to your property, built at local and state codes, and should be treated as such. This home will appreciate in value, according to economic conditions, in the same exact way that a site built home will.
Once your bank understands a little bit about your project and what type of loan you will need, you can start talking with your local Rochester Homes builder to customize your new modular home to fit your dreams and your budget. Finally, upon deciding most of the details of your construction project, you will be able to take a pack of paperwork, with all of the plans of your new home, to your bank. Your bank will then be able to do a full review of your loan, including an appraisal. Again, all of the modular homes built by Rochester Homes and your local builder can be appraised at the same value as existing properties in your area.
Modular and site built homes can even be used as comparables for each other, as the only difference is in the construction method, not the quality or value. Finally, after the appraisal is done and the loan has been reviewed and approved in full, your bank will set a closing date for the loan and the title work. After your loan is closed, your builder with work with us to coordinate the order and delivery of your home to be in conjunction with the times that the on site portion will be ready. In three to four months, you could be turning the key to your brand new, high quality, customized, dream modular home. If you do not know of any trusted local banks, please contact us. We will put you in touch with your local Rochester